Paul Shaffer, the legendary musician best known as David Letterman’s longtime bandleader and sidekick, has always been a keen observer of the late-night television landscape. From 1993 until Letterman’s farewell in 2015, Shaffer anchored the Late Show on CBS with his music, humor, and effortless rapport with Letterman. So when CBS announced in early September 2025 that The Late Show with Stephen Colbert would be coming to an end, Shaffer’s words carried the weight of someone who has seen the highs and lows of the format firsthand.
Speaking to Entertainment Weekly at the Toronto International Film Festival, where he was promoting the new documentary You Had to Be There: How the Toronto Godspell Ignited the Comedy Revolution, Shaffer did not mince words. “Shocking. Absolutely shocking,” he said of the network’s decision to pull the plug. “That’s all I can say. I mean, I don’t know what more to say about it. Stephen Colbert was absolutely number one.”
The simple declaration—“Stephen Colbert was absolutely number one”—was more than just professional courtesy. It was a pointed reminder that Colbert had indeed secured his place at the top of the late-night ratings wars. After inheriting the Late Show mantle from Letterman in 2015, Colbert had gone through a rocky adjustment period but eventually overtook competitors like Jimmy Fallon and Jimmy Kimmel. For nearly a decade, he dominated the format, mixing sharp political satire with his signature wit. That CBS would end such a successful show left not just Shaffer but millions of viewers stunned.
Yet behind his praise, Shaffer revealed something even more surprising: Colbert’s departure may not be the end of his story, but rather the beginning of a dramatic new chapter. According to Shaffer, conversations within the industry suggest that Colbert is not stepping away from the spotlight entirely. “He’s not done,” Shaffer hinted cryptically. “He’s got plans. And from what I’ve heard, they’re big.”
Those words have already set off a storm of speculation in the media world. Could Colbert be preparing to launch his own production company, following in the footsteps of trailblazers like Jon Stewart and Conan O’Brien? Some insiders believe he may pivot to streaming, creating a platform that blends comedy, politics, and documentary storytelling for a new generation of viewers who no longer rely on traditional television. Others whisper about a possible return to his roots—a revival of the satirical Colbert Report style persona, but reinvented for the digital age.
Whatever the case, Shaffer’s comments suggest Colbert is leaving The Late Show not because he has run out of steam but because he wants to channel his energy elsewhere. “When you’ve been on top for that long, you don’t just walk away unless you’ve got something else in mind,” Shaffer noted. “Stephen’s too smart, too talented. He knows what he’s doing.”
The timing of the change is also fueling intrigue. CBS’s decision to shutter its crown jewel comes amid a turbulent media environment where streaming platforms, YouTube personalities, and TikTok comedians have redefined what audiences expect from “late-night entertainment.” Traditional formats are struggling to capture younger viewers, and networks face constant pressure to reinvent themselves. For CBS, ending Colbert’s run may be part of a larger strategy to revamp its lineup and lean into new content models.
Still, for fans, the move feels almost sacrilegious. Colbert’s mix of biting monologues, headline-grabbing interviews, and playful sketches became a nightly ritual, especially during the politically charged years of the Trump and Biden administrations. His voice helped shape national conversations, making him not just a late-night host but a cultural force. To see that voice cut off so suddenly raises questions about what CBS really hopes to gain—and whether viewers will follow them into whatever comes next.
Shaffer, reflecting on the cyclical nature of television, acknowledged the sadness of the moment but emphasized the possibilities ahead. “When Dave retired, everyone wondered if late-night was finished,” he said. “But then Stephen came along and showed there was a new way to do it. Now Stephen is stepping aside, and people are saying the same thing. But I wouldn’t count him out. I’d say, watch what he does next. That’s where the future is going.”
In that sense, Colbert’s exit is less an ending than a crossroads. Shaffer’s words—“Stephen Colbert was absolutely number one”—serve both as a tribute to the heights Colbert achieved and as a teaser for what might come next. The shocking detail is that Colbert, far from retiring quietly, may be preparing to redefine himself once again, perhaps outside the confines of late-night television altogether.
As CBS recalibrates and audiences brace for change, one thing is certain: Stephen Colbert’s story is not over. If anything, the next act promises to be as surprising and influential as the one that made him a household name. And thanks to Paul Shaffer’s candid hints, fans now know to expect the unexpected.
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